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Bankserv Moving to 26th Floor of 333 Bush

SAN FRANCISCO-The space is master leased by Heller Ehrman, which leases 200,000 sf in the building, but is subleasing a few floors until later expansion.

By Brian K. Miller | Updated on July 31, 2007

SAN FRANCISCO-Bankserv will relocate its headquarters from 11,000 sf at 222 Kearney to the 18,000-sf 26th floor of 333 Bush St. next month. The electronic money transfer service company signed a seven-year lease for the space, which is master leased by Heller Ehrman, a law firm that leased some 200,000 sf in the building a couple of years back and is subleasing a few floors until it requires them for expansion.

The law firm subleased the space to Bankserv at a significant discount to market rates but is covering its own costs, local industry sources tell GlobeSt.com. When Heller Ehrman signed its lease, asking rates were in the $30s per sf. Now, however, class A view space such as that subleased by Bankserv is being marketed at $50 per sf.

“We were able to create a real estate solution that mirrored Bankserv’s operational and growth plans while doing so at a rate satisfactory to all parties,” says one of the tenant’s brokers, Hugh Scott of Staubach. In a prepared statement, Scott added that he and his fellow brokers were working under a limited time frame and a very specific budget. Staubach brokers Greg Fogg and Tom Maloney also worked the tenant side of the transaction; Steve Barker of Studley represented the law firm.

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